First Farmers & Merchants Bk SBA Loan to Used Car Dealers Company

First Farmers & Merchants Bk is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Tennessee entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lyles (rr Name Lyle), Tennessee was able to borrow $135,000 from First Farmers & Merchants Bk. The SBA made the loan possible by guaranteeing $67,500 of this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
LYLES (RR NAME LYLE), TN 37098

SBA Loan Lender

FIRST FARMERS & MERCHANTS BK
816 S GARDEN ST
COLUMBIA, TN 38401

This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

2/21/2006

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $67,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Lyles (rr Name Lyle) TN, you ought to talk with a local Lyles (rr Name Lyle) SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lyles (rr Name Lyle) businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Small Business Credit Cards

SBA Approved Banks in Columbia, Tennessee

Getting an SBA Loan in Tennessee